Canada revokes dozens of crypto firms
Canadian regulators revoked registrations for dozens of crypto firms amid money‑laundering and terror‑financing probes, signaling a tougher enforcement stance and compliance tightening across the sector. The move increases counterparty and regulatory risk for any compensation or side income tied to crypto firms. (weeklyblitz.net/2026/03/29/canada-revokes-dozens-of-crypto-firms-amid-money-laundering-and-terror-funding-risks)
FINTRAC removed the registrations of 23 money‑services businesses (MSBs) that offered crypto services in a single enforcement action on March 17, 2026. Those 23 revocations were part of a wider 2026 uptick that news outlets say brought the year’s total MSB cancellations to roughly 47–50, with about 47 tied to crypto activity according to industry reporting. FINTRAC’s publicly posted criteria cite failure to answer clarification requests, not updating operating information, and ineligibility as explicit grounds for revocation under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The March sweep included both domestic and foreign operators; reporting names two foreign firms removed from the registry as Finast (Slovakia) and Commerce Plex (United Kingdom). The action followed ICIJ/Toronto Star’s “Coin Laundry” investigation that mapped concentrated clusters of crypto‑to‑cash storefronts and identified some operations that allegedly routed funds through wallets linked to sanctioned actors. Revoked businesses lose the legal ability to operate as MSBs in Canada, may request a review within 30 days, and appear on FINTRAC’s publicly downloadable Money Services Business Registry, which is updated monthly.
